The Kernutt Stokes Advisor

High-Tax States Scheming to Offset New Tax Law Impact

The new GOP tax law places high income and property tax states at a distinct disadvantage. Before the new tax bill, any and all state and local taxes (commonly referred to as SALT) could be taken as itemized deductions without limitations. SALT includes both income and property taxes, so states where both are high, such as New York, New Jersey…

Statewide Transit Tax: To Fund the Statewide Transportation Improvement Fund

By Jennifer Cranford, CPA The 2017 Oregon Legislature passed House Bill 2017, which includes a new statewide transit tax.  The new statewide transit tax begins July 1, 2018 and requires employers to withhold one-tenth of 1 percent (.001) from: Wages of Oregon residents (regardless of where work is performed) Wages of nonresidents who perform services in Oregon Wages excludes amounts…

Trade Wars on the Horizon? What This Could Mean for Financial Markets

The Trump administration’s recent flurry of trade moves is spiking uncertainty and confusion among financial markets. The imposition of tariffs on steel and aluminum as well as levies on Chinese imports have provoked immediate reactions. China, for example, claims that the United States’ actions are a violation of international trade rules and has threatened to take actions to defend its…

Forest Products Spotlight

Today’s forest product companies are constantly improving to better position themselves to face market challenges such as price volatility, workplace safety, increasingly complex regulatory environment, globalization, Canadian imports, labor disputes, cash flow issues, and demand that is closely tied to residential construction. Kernutt Stokes has deep knowledge and many years of experience in the forest products industry, so we understand…

Estate Planning Essentials You Need to Revisit Due to the New Tax Law

Estate planning is never done. Just like a piece of real estate, it needs periodic maintenance and care to make sure it’s in good shape when you need it most. Provisions in the newly passed GOP tax plan mean it’s time to revisit a handful of key areas of your estate plan. Below we discuss the five areas you should…

Changes to Hardship Distribution Rules from Retirement Plans

By Dean Huber In February of 2018, Congress passed a budget bill intended to keep the government funded and waive the statutory debt limit.  That bill also included some meaningful changes to rules governing hardship withdrawals from retirement plans. Hardship Distributions under Current Regulations Under current IRS regulations, a hardship distribution can made from an employee’s elective deferral contributions (typically…